Scorpio Tankers (Buy, TP: USD54.60) - H2e EBITDA set to beat 2020 total
We have raised our 2022e EBITDA by 11% to reflect the exceptionally strong rates realised for Scorpio Tankers’ available days in Q3, accounting for contract coverage booked at solid rates. With ongoing volume displacement effects from the impending EU embargo on Russian oil, we remain bullish on product tanker rates, with demand boosted by a favourable distance effect for oil from Russia and alternative sourcing to Europe. We reiterate our BUY and have raised our target price to USD54.6 (49.2).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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